ROME: New perspectives for further economic bilateral cooperation between the UAE and Italy were discussed by the Arab country’s Minister of Economy Abdullah bin Touq Al-Marri and prominent members of the Italian government.
In separate meetings in Rome on Thursday, Al-Marri had talks with Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani, and Minister of Economy Giancarlo Giorgetti.
Tajani and Al-Marri discussed the main bilateral issues in light of the renewed commitment of the Italian government to boost the relationship between Rome and Abu Dhabi.
The ministers confirmed the fruitful economic partnership between Italy and the UAE, with the talks coming two months after the countries signed a declaration of strategic partnership.
New collaboration perspectives and business opportunities, including innovation in the biotechnologies and pharmaceutical industries, as well as closer ties in the food, space and environmental sustainability sectors were also discussed with Giorgetti.
“Both countries intend to strongly boost the economic exchange also in the hi-tech, fashion and circular economy sectors,” said a communique from the Italian Ministry of Economy.
Al-Marri will also take part in “Investopia Europe,” a business event which will be held in Milan on May 19.
According to sources at the Italian Ministry of Foreign Affairs, the event will provide a global investment platform in connection with the “Investopia” initiative, promoted by the UAE government in 2021.
More than 50 Emirati businesses are expected to attend the event, where Italian and European businesses will assess new investment proposals and work on agreements with leading sectoral players in the UAE.
Trade between the UAE and Italy is increasing, and in 2022 the exchange value was €8 billion ($8.65 billion) — up 19 percent, with a record increase in Italian exports of €6 billion, up 28 percent.
Jewelry remains the leading sector for Italian exports, followed by machinery, electrical appliances, food products, automotives and interior design.
According to the Italian Ministry of Foreign Affairs, Italy ranks seventh in the UAE suppliers’ index — second in the EU after Germany— and 19th in the UAE clients’ index. About 600 Italian businesses operate in the UAE, mainly in the energy, infrastructure and transportation industries.
